China ADRs fall as domestic shares retreat after three sessions of gains

Tencent Music Entertainment

26/01/2024 09:39

** U.S.-listed shares of Chinese companies fall between 1%
and 3% in premarket trading as domestic counterparts slip after
three sessions of gains following the government's decision to
roll out policy support  .SS 
    ** Blue-chip index  .CSI300  lost 0.3% but logged a 2%
weekly gain 
    ** Hong Kong's Hang Seng Index  .HSI  eased 1.6%, but gained
4.2% this week, its best weekly performance this year
    ** People's Bank of China announced a deep cut to bank
reserves on Wednesday, in a move that will inject about $140
billion of cash into the banking system 
    ** E-commerce firms Alibaba Group Holding  BABA.N , JD.com
 JD.O  and PDD Holdings  PDD.O  fall 1.4%-2.3%
    ** Gaming stock Bilibili  BILI.O  slides 3.1% and peer
NetEase  NTES.O  down 2.2%, while search engine giant Baidu 
 BIDU.O  sheds 2.5%
    ** EV firms Li Auto  LI.O , Nio  NIO.N  and Xpeng  XPEV.N 
slip between 1.7% and 2.2%
    ** Music streaming co Tencent Music Entertainment Group
 TME.N  and online video platform IQIYI  IQ.O  fall 1% and 2.2%,
respectively; social media co Weibo  WB.O  loses 1.3% 
    ** Online brokerages Futu Holdings  FUTU.O  and UP Fintech
Holding  TIGR.O  dip 2.3% and 0.5%, respectively
    ** China ETFs such as IShares MSCI China ETF  MCHI.O , China
Large-Cap ETF  FXI.N  and KraneShares CSI China Internet ETF
 KWEB.K  fall 1.3%-1.9%; Direxion China CSI Daily Bull 2X
 CWEB.K  slides 3.7%

 (Reporting by Shubham Batra in Bengaluru)